Prime Medicine (NYSE:PRME) Stock Price Up 23.3% - Here's What Happened

Prime Medicine, Inc. (NYSE:PRME - Get Free Report) was up 23.3% during trading on Monday . The company traded as high as $4.90 and last traded at $5.09. Approximately 1,414,633 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 1,803,433 shares. The stock had previously closed at $4.13.

Analyst Ratings Changes

A number of research analysts have recently commented on PRME shares. JPMorgan Chase & Co. restated a "neutral" rating on shares of Prime Medicine in a report on Tuesday, May 20th. JMP Securities cut their price target on shares of Prime Medicine from $10.00 to $6.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 20th. HC Wainwright cut shares of Prime Medicine from a "buy" rating to a "neutral" rating in a report on Tuesday, May 20th. Wedbush restated an "outperform" rating and issued a $8.00 price target on shares of Prime Medicine in a report on Wednesday, July 16th. Finally, Chardan Capital dropped their target price on shares of Prime Medicine from $16.00 to $12.00 and set a "buy" rating on the stock in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Prime Medicine currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.25.

Prime Medicine Stock Performance

The company's fifty day simple moving average is $2.24 and its 200-day simple moving average is $2.22. The company has a market capitalization of $654.59 million, a P/E ratio of -2.29 and a beta of 2.33.

Insider Activity at Prime Medicine

In related news, major shareholder David R. Liu bought 21,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was bought at an average cost of $2.16 per share, for a total transaction of $45,360.00. Following the purchase, the insider directly owned 20,219,945 shares of the company's stock, valued at approximately $43,675,081.20. This trade represents a 0.10% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have bought 63,000 shares of company stock worth $110,250 over the last ninety days. Corporate insiders own 22.93% of the company's stock.

Hedge Funds Weigh In On Prime Medicine

A number of institutional investors have recently bought and sold shares of PRME. American Century Companies Inc. purchased a new position in Prime Medicine during the 4th quarter worth approximately $33,000. CWM LLC increased its holdings in shares of Prime Medicine by 741.5% during the 1st quarter. CWM LLC now owns 20,466 shares of the company's stock valued at $41,000 after purchasing an additional 18,034 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Prime Medicine during the 4th quarter valued at approximately $42,000. AXQ Capital LP purchased a new position in shares of Prime Medicine during the 4th quarter valued at approximately $45,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Prime Medicine during the 4th quarter valued at approximately $48,000. 70.37% of the stock is owned by hedge funds and other institutional investors.

About Prime Medicine

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.